New Delhi, May 13 (IANS) A tripartite memorandum of understanding (MoU) to develop India’s first mega greenfield shipyard at Thoothukudi was signed, envisaging a 2.5 million gross tonnage (GT) capacity and around 15,000 direct jobs, an official statement said on Wednesday.

The statement from the Ministry of Ports, Shipping and Waterways said the MoU was signed between HD Korea Shipbuilding & Offshore Engineering (HD KSOE), National Shipbuilding & Heavy Industries Park, Tamil Nadu (NSHIP‑TN), and Sagarmala Finance Corporation Ltd.

The MoU provides a foundation for the joint development, financing, construction and operation of a world-class mega shipyard at Thoothukudi, the statement noted.

Around 15,000 direct jobs are estimated to be created upon stabilisation of operations, besides creating substantial indirect employment opportunities across Tamil Nadu and the surrounding region.

Thoothukudi Greenfield Shipyard is one of the earliest implementation outcomes under the India-ROK maritime cooperation framework and reflects the growing strategic partnership between the two countries in the maritime domain.

Beyond shipbuilding capacity creation, the project is envisaged to catalyse the development of a comprehensive maritime industrial ecosystem through ancillary and component manufacturing clusters, localisation of marine equipment and engineering supply chains, workforce skilling initiatives, and adoption of advanced manufacturing, digital shipbuilding and green shipping technologies.

NSHIP is a Special Purpose Vehicle jointly promoted by V.O. Chidambaranar Port Authority (VoCPA), a state-owned port and State Industries Promotion Corporation of Tamil Nadu (SIPCOT) of Tamil Nadu government.

Sagarmala Finance Corporation Limited works under the Ministry of Ports, Shipping and Waterways (MoPSW).

The collaboration may also facilitate training of Indian shipbuilding professionals and workers at HD KSOE’s facilities in the Republic of Korea.

India-ROK Comprehensive Framework ‘VOYAGES’ (Shared Vision for Operation of Yard Assisted Growth with Efficiency and Scale) for Partnership in Shipbuilding, Shipping and Maritime Logistics was launched following the meeting between Prime Minister Narendra Modi and President Lee Jae Myung during the latter’s State Visit to India.

The proposed shipyard will serve as the anchor facility of the Thoothukudi Shipbuilding Cluster being developed by NSHIP-TN. The Techno-Economic Feasibility Report (TEFR) for the project has already been completed, while preparation of the Detailed Project Report (DPR) is currently underway, the statement said.

—IANS

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